American International Group's (AIG) board of directors is expected to vote Wednesday on a plan to exit the government's bailout program, according to a Bloomberg report citing comments made by AIG Chairman Steve Miller during an investment conference.

Miller reportedly said the insurance giant, which received a $85 billion government bailout two years ago, is also wrapping up talks with regulators about AIG's plan to end the need for government oversight. AIG's board of directors, along with the Federal Reserve Bank of New York, U.S. Treasury Department and three government trustees all must sign off on the plan, which will detail how to repay the government. The U.S. government owns a 79.8% stake in the company, according to a report in the Wall Street Journal.

Miller, according to the Journal report, cautioned that the insurance company may remain mum on its plans after its board meeting because talks with the other parties are on-going.









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gagesxm

85 bil...how about 185 bil that was actually given...the same people that buy the GM offering can also buy a debt offering in this bankrupt company...HAPPY DAYS

September 29 2010 at 11:28 PM Report abuse +1 rate up rate down Reply
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George

Go to the internet and read about it. It is all there. Be ready to submit a report tomorrow on why AIG only owes $85 billion. You will be much smarter because of this.

September 30 2010 at 1:07 AM Report abuse rate up rate down Reply